Tax news and information - Journal of Accountancy

TOPICS

February 4, 2022

AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals

The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.

February 1, 2022

Carried interest reporting FAQs posted

Guidance includes sample worksheets and instructions for applicable passthrough entities and taxpayers.

February 1, 2022

Tax treatment of COVID-19 homeowner relief payments clarified

Payments are excluded from gross income; a safe harbor is provided for itemized deductions.

February 1, 2022

Line items

Inflation adjustments for 2022 … IRS makes 2022 inflation adjustments for retirement accounts

February 1, 2022

Infrastructure Act’s tax provisions

Early end of ERC, cryptoasset reporting are among act’s changes.

February 1, 2022

Full disclosure: When tax transactions must be reported

A variety of ‘reportable transactions’ require transparency with the IRS.

February 1, 2022

Second Circuit: SALT cap is not unconstitutional

The $10,000 maximum deduction for state and local taxes is upheld by the Second Circuit.

January 31, 2022

List of automatic tax method changes updated

A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.

January 31, 2022

‘Quick’ carryback tax refunds took nearly double the 90-day deadline

Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.

January 28, 2022

IRS: ‘Limited group’ getting erroneous Letters 6419

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

January 27, 2022

AICPA notes IRS announcement on notices, asks Service to do more

The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.

January 27, 2022

Sales tax: Nearly 4 years after Wayfair, what’s on the horizon

An interview with a tax expert explores how a Supreme Court ruling created a new playing field for business and how practitioners can advise clients on related issues.

January 26, 2022

How nonfilers can claim 2021 tax credits

Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.

January 25, 2022

Taxpayers need relief now, AICPA and other organizations say

The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.

January 24, 2022